Seeking to further understand the potential donor pool represented by alumnae who were mature students graduating from the external degree program at a women's college, this study used a questionnaire survey to identify background and characteristics and collegiate and alumnae experiences of the external degree alumnae, and to identify differences between donors and nondonors on specific variables. The Stephens College Alumnae Survey was developed and distributed using Dillman's Total Design Method, and resulted in 460 usable surveys (a 72% return). Donors and nondonors differed significantly on several background/characteristic and collegiate/alumni experience variables such as year of graduation, marital status when a student, current employment status, class format, role models, whether that role model was a male faculty member, and perception of the quality of their Stephens College education. Results also confirmed what studies of younger alumnae have found, that a women's college education had a strong positive effect, and that time from graduation, awareness of happenings on campus, and participation in alumnae programs influence donor status. The study also found that, though the external degree students did not participate in residential campus life, they did form important, lasting relationships with faculty and staff. Thirteen references are included. (Author/JB)